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6.1.K. - Page 5 <br /> NOW, THEREFORE, for goad and valuable consideration, De�eloper and City <br /> agree as follows: <br /> Article I RecFtals• Ca italized Terms and Definitions <br /> 1_1 Recitals. The recitals set forth above are true and correct and <br /> incorporated herein by this refer�nce. <br /> 1.2 Capitalized Terms and Definitions. For �urpases ofi this Agreement, the <br /> following terms shafl ha�� the meaning set forth below: <br /> Affordabfe Sales Price - shall have the meaning set farth in Section 3.3 below. <br /> Affordable Rent—shall have the meaning set forth in Section 2.1 below. <br /> Affordable Unit(s) — shall have the meaning set forth in Recital D abave. <br /> Owner-Occupied Affordability Agreements -- shall mean the affordabi�ity <br /> Agreements which control the use of the Project during the period in which the Project's <br /> housing units are sold as condominium units ancf the Affordable Units are purchas�d by <br /> Qualified Buyers. <br /> Project — shall ha�e the meanirtg set for�h in Recital B above. <br /> Property— sF�all have the mea�ing set forth in Recitaf A abave. <br /> Qualified Buyer(s) - shaif have the meaning set forth in Section 3.2 below. <br /> Qualified I�essee(s) — shall have the meaning set forth in Sec�ion 2.1 below. <br /> RentaE Term — shall ha�e the meaning set�arth in 2.1 below. <br /> Resale Restriction Agreement � shafl have tne meaning set forth in Section 3.4 <br /> below. <br /> Article II Rental Affordable Requirements <br /> 2.1 Ren�ai Te�m. Subject to earlier t�rr-nination purs�an# to 5ection 3.6 belaw, <br /> Developer hereby agrees that far a period of 55 years from the Effective Dafe {the <br /> "Renta! Term"}, the Affardabfe U�its shall be rented at an Affordable Rent, as d�fined <br /> beiow, to persons and famifies earning betweer� 80 to 100 percer�t of HUD's Area <br /> Median Income for San Mateo County ("AMP'}, as adjusted from time to time ("Qualffied <br /> Lessees"), at rental rates no greater than 30 percent of 100 percent of the AMI, <br /> adjuste� for family size appropriate to the unit, purs�ant to California HeaEth and Safety <br /> Code Section 50053, as amended, ar any successor statute thereta ("AfFordable Rent"}. <br /> ATTYlAGR12012.061125$0 ECR(URBAN HOUSING)AFFpRpABLE HOUSING AGREEMENT <br /> REV:06-04-12 VR <br /> Page 2 of 31 <br />